I guess at least almost everyone on Steemit should know something about cryptocurrencys. And everyone who knows about cryptocurrencys knows about bitcoin for sure. This is my sort analysis what I think about the pros and cons of bitcoin, if it will rise, fall or even die in future and also if I think it should die.
Cryptocurrencys are a great development. Especially in a time with rumors that cash should be banished in near future a lot of people want to have an secure but private alternative. They are comparably fast, can be used worldwide and without any middleman. But even if we are sure that cryptocurrencys will stay and gain in value, why should bitcoin keep rising when there are over 700 other coins as well?
The Name? Seriously?
Yes, Bitcoin is easy to pronounce, self-explaining and it sounds just great. For some tech people it might not matter how it sounds if it works good, but every sells-man will tell you the opposite. If we are heading for mass adoption and therefore if we want to convince people with less technical background for cryptocurrencys they will most likely prefer something that they know (a name they have heard a lot of times in News) and that sounds good.
Bitcoin was the firs blockchain cryptocurrency. There had been cryptocurrencys before bitcoin, but without the blockchain non was secure enough to survive. Therefore bitcoin has become a trusted brand. Still every Cryptocurrency is measured against bitcoin and most people who buy altcoins buy bitcoins first and exchange them for altcoins afterwards. And even trough it is possible to get almost all altcoins also over other ways nowadays bitcoin will remain as the main currency for buying altcoins for still some time.
Also it is old enough that businesses start trusting bitcoin. Most likely almost all businesses that will accept cryptocurrencys will accept bitcoin first. Therefor it will (most likely) become the first crypto you can make all your normal businesses with. (till now I can order Pizza with it, buy at some online grocery stores and on some technical shops here in Germany with bitcoin - but surely more will follow)
This is basically the same argument again. Bitcoin was the first, it has proven that it is secure, than it got some trust over the time and now it is trusted. First shops are accepting Bitcoins already and others follow. It has to be trusted by tech companys first who know what they are accepting that other non-tech companies follow. It's also trusted by a lot of investors and is surely a great store of value.
Therefore it surely will survive.
But as you see I do not have a lot of technical reasons why bitcoin should survive. And the reason is simply because I think there are almost no technical reasons to prefer bitcoin to other cryptocurrencys.
I my opinion, yes, kind of. Bitcoin is a great store of value and I would not mind to see it as a kind of digital gold. But for my all day duties I would prefer to use a other currency. Some Coins line IOTA, NEM and DASH are much more convincing to me
(my personal favorite is IOTA, but first the Tangle needs to proof itself)
So if it is possible to convince the economy to not only accept Bitcoin but at least one of this three coins I would be very pleased.
Why? because they have some great advantages in all day usage.
And at the and that's what I want from a currency:
Now that you read my thought (thank you for that) I would like to know what you think about it. Do you agree with my thought or not? Did I missed something important?